Cabinet OKs equity support for hydroelectric projects in northeast
This story was originally published at 18:33 IST on 28 August 2024
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--Govt: To give 41.36 bln rupees to northeast for hydropower projects
NEW DELHI – The Union Cabinet today approved an outlay of 41.36 bln rupees for northeastern states for their equity participation for the development of hydroelectric projects through joint venture collaboration between state entities and central public sector undertakings.
"A cumulative hydro capacity of about 15,000 MW would be supported under the scheme. The scheme would be funded through 10% Gross Budgetary Support for North Eastern Region from the total outlay of the Ministry of Power," the government said in an official press release.
The government further said the grant towards the equity portion of northeastern states would be capped at 24% of the total project equity subject to a maximum of 7.5 bln rupees per project. The cap of 7.5 bln rupees for each project would be revisited, if required, on a case-to-case basis, it said.
"With the introduction of this scheme, participation of the state governments in the hydro development shall be encouraged and risk and responsibilities shall be shared in a more equitable manner. The issues such as land acquisition, rehabilitation & resettlement and local law & order issues would be reduced with state governments becoming stakeholders," according to the release.
The scheme is likely to play a significant role in harnessing the hydropower potential of northeastern states, the government said. The development of hydroelectric projects will also contribute towards the realisation of India's target of establishing 500 GW of renewable energy capacity by 2030. End
Reported by Sayantan Sarkar
Edited by Akul Nishant Akhoury
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